After a number of retailers and PayFast merchants adopted the Black Friday and Cyber Monday (BFCM) traditions, sales have steadily increased year on year. This year was no exception. With even bigger discounts and most shoppers having been paid, the sales were through the roof for the BFCM period.
The PayFast team was hard at work, as shoppers wasted no time and started transacting as early as 2am. On the day we recorded the most Auto EFT payments were completed at 8am. Impressively PayFast processed 680% volume compared to a normal busy shopping day. From the graph below, you can see the volume for Black Friday and Cyber Monday compared to the rest of the week.
Below you see the massive transaction value on the 23rd (Black Friday) compared to other busy days in November. From this, it is obvious South African’s love a good deal!
Based on statistics, at least 66% of South Africans participated in Black Friday 2018 with more than 60% mixing online and offline shopping. If the trend continues, 2019 is set to be epic! Rest assured, PayFast will be prepared for more deals, more shoppers and more merchants getting involved.